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The Naira has lost over half of its value in the last one year.
According to data from the FMDQ, the value of the local currency dropped from N747.76/$1 on September 22, 2023, to N1,541.52/$1 as of September 20, 2024, representing a 51.49% depreciation.
This decline in the value of the naira has occurred amid efforts by the CBN to stabilize the currency, including a notable increase in Nigeria’s foreign exchange (forex) reserves.
Nigeria’s foreign exchange (FX) reserves grew by 12% over the past year, rising from $33.28 billion on September 22, 2023, to $37.39 billion on September 19, 2024, reaching its highest level under the administration of Bola Tinubu.
This $4.12 billion increase in reserves signals efforts by the CBN to shore up liquidity in the forex market and manage external shocks.
